Sales volume continues to rise in Summit County

Summit County real estate transaction volume showed another double digit increase in February rising 16% to 92 transactions.  That follows a 13% gain in January and a 12% increase for all of 2012.

Dollar volume did not fare as well as sales shifted to lower priced properties.  Dollar sales totaled $40.7 million down 6% from $43.1 million in February of 2012.  As has typically been the case over the last 10 years, both volume and dollars took a seasonal dip versus January falling 15% and 24% respectively.

Average selling prices for single family homes at $878,488 is still running well ahead of the $764,455 for all of last year.  In contrast, multi-family pricing is well down at $309,637 vs $353,339 in 2012.  It is a little early in the year to decipher a definitive in trend and the variations so far seem to reflect more a change in mix than actually a substantial change in pricing for like properties.  Our sense is that per square foot pricing is rising at the high end of the market ($1 million and up) while the lower end (under $600,000) is flat at best.

Overall, volume does remain concentrated in the lower end of the market.  In the month, 76.6% of sales, both single and multifamily, were less than $600,000.  That number was 77.1% for the year to date versus 72% for the year to date number a year ago.

Notably, inventory continues to show substantial year over year declines.  As of March 1, inventory was down a little over 10% from the prior year, which itself had seen 12% from 2011.  If volumes continue to rise and inventories fall, stronger prices are sure to follow.  Lower distressed property activity should also contribute to a firmer market.


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